As the festive season approaches, the prices of essential food items across Nigerian markets have shown mixed trends, reflecting the dynamics of supply, demand, and regional harvests......Read The Full Article>>.....Read The Full Article>>
A market survey conducted this week provides insights into the costs of staples such as rice, beans, tomatoes, and other commodities, which are central to holiday celebrations.
Rice Prices Remain High but Stable
The cost of a 50kg bag of locally milled rice remains relatively high, averaging between ₦90,000 and ₦95,000, depending on the region and quality. Imported rice, which is increasingly scarce due to import restrictions, is priced slightly higher at around ₦100,000 to ₦105,000 per 50kg bag.
In major urban markets like Lagos, Abuja, and Port Harcourt, traders attribute the prices to increased transportation costs and rising demand as families prepare for Christmas festivities. However, some rural areas with closer access to farms report slightly lower prices.
Beans Prices Decline Substantially
The price of beans has significantly decreased in many markets. A 50kg bag of beans, which previously sold for ₦250,000, is now available for ₦130,000. This reduction has been linked to improved harvests in the northern regions, which are major producers of this staple.
Retail prices for a measure of beans have also dropped, making it more affordable for households during this period.
Tomatoes and Vegetables Show Moderate Decrease
A basket of tomatoes, an essential ingredient for most Nigerian dishes, now costs between ₦60,000 and ₦65,000, down from ₦80,000 a few weeks ago. This price reduction is attributed to the seasonal harvest in states like Kano and Kaduna, which are major suppliers.
Other vegetables such as onions and peppers show mixed trends. A bag of onions sells for ₦35,000, while rodo pepper (scotch bonnet) has seen a significant price surge, reaching ₦45,000 per bag, compared to ₦15,000 earlier this year. Traders blame the increase on off-season supply constraints.
Palm Oil Prices Surge
The cost of palm oil has spiked ahead of Christmas. A 25-litre keg, which sold for ₦37,000, now costs ₦54,000 in most markets. This increase is largely due to transportation challenges and high demand during the festive season.
Spaghetti and Other Staples Become Cheaper
Other staples, such as spaghetti, have seen notable price reductions. A carton of spaghetti, previously sold for ₦35,000, now costs ₦23,000. This decline is attributed to improved supply chains and reduced importation costs.
The festive season typically witnesses a surge in demand for food commodities, which could result in further price fluctuations in the coming weeks.
Traders expect a slight rise in prices as Christmas approaches, driven by increased consumer demand. However, the improved supply of beans and tomatoes may help stabilize prices for these items.
For households planning their Christmas shopping, experts recommend buying staples early to avoid potential price hikes as the holiday draws closer.
While some commodities remain expensive, the overall trends suggest opportunities for consumers to save on specific items with strategic purchasing.
